Draft:Kroll Bond Rating Agency
Submission declined on 17 January 2024 by S0091 (talk).
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Comment: Please read through the above linked material. Sources are press releases or routine coverage which is not sufficient to meet the above notability criteria. S0091 (talk) 21:05, 17 January 2024 (UTC)
| Company type | Private |
|---|---|
| Industry | Financial Services |
| Founded | 2010 |
| Founder | Jules Kroll, Jim Nadler |
| Headquarters | New York City, New York , United States |
Number of employees | 500+ |
Kroll Bond Rating Agency, LLC and affiliates (collectively, KBRA) is an credit rating agency (CRA) established in 2010 by Jules Kroll and co-founder James “Jim” Nadler. KBRA has six offices across the U.S. and Europe, including in the global capital markets of New York, Chicago, Dublin, and London.
KBRA’s ratings business covers multiple sectors including financial institutions; insurance companies; corporate issuers; asset-backed, mortgage backed-, and commercial-backed securities; government and municipal securities; and securities issued by foreign governments. The company also publishes research reports and commentaries.[1]
KBRA Analytics, LLC is the company’s product platform launched in 2020 to provide advanced analytics across the financial institution, corporate, and structured finance markets, among other areas.
Corporate History[edit]
KBRA was founded in the aftermath of the 2008 global financial crisis (GFC), during a time of heightened scrutiny over CRAs.[2] In 2010, KBRA acquired LACE Financial,[3] thereby becoming a nationally recognized statistical rating organization (NRSRO). Founded in 1984, LACE specialized in issuing credit ratings of financial institutions.[4] Kroll Bond Rating Agency, LLC is registered with the U.S. Securities and Exchange Commission as one of 10 NRSROs5 and now ranks as one of the four major CRAs.[5]
In late 2015, Wharf Street LLC (previously a minor investor in KBRA) acquired a majority stake of approximately 90%, valuing the company at more than $300 million.[6][7] In 2017, Jules Kroll stepped down as company CEO and the role was assumed by Jim Nadler, who also serves as KBRA president.[8]
In November 2017, affiliate Kroll Bond Rating Agency Europe Limited (KBRA Europe) was registered as a CRA by the European Securities and Markets Authority (ESMA) and is headquartered in Dublin, Ireland.[9] In 2021, affiliate Kroll Bond Rating Agency UK Limited (KBRA UK), with offices in London, operates as a CRA pursuant to the United Kingdom Financial Conduct Authority’s Temporary Registration Regime.[10][11]
In December 2021, Parthenon Capital Partners, a private equity firm, bought a majority stake in the company, valuing KBRA at $900 million.[12][13]
KBRA Analytics[edit]
KBRA Analytics acquired Direct Lending Deals (DLD), a digital information service, in a deal that closed on August 31, 2022, for an undisclosed sum.[14] Founded in 2019, Chicago-based DLD focuses on private equity-driven financing in the lower and middle markets, as well as private jumbo loans sized at $1 billion-plus. The company introduced its online platform in 2021 and in September 2022 began reporting on the private European market.
In that same year, KBRA Analytics acquired AXES, an automated XBRL extraction and standardization application, from The Woodlands, Texas-based AsReported, LLC.[15] AXES is a fully-automated framework that captures and standardizes corporate financial data from SEC filings and other published reports. The technology was integrated into the KBRA Financial Intelligence (KFI)[16] product, which provides coverage of the North American financial sector and banking data.
- ^ 2 https://www.cfr.org/backgrounder/credit-rating-controversy
- ^ "The Credit Rating Controversy". Council on Foreign Relations.
- ^ 3 https://www.bloomberg.com/news/articles/2010-08-31/kroll-moves-closer-to-issuing-credit-rankings-after-buying-lace-financial#xj4y7vzkg
- ^ 4 https://www.linkedin.com/company/lace-financial
- ^ 6 https://www.chicago.gov/city/en/depts/cofa/supp_info/bond_rating_agency_actions.html
- ^ https://www.wsj.com/articles/BL-MBB-43134
- ^ Lane, Ben. "Wharf Street acquires majority stake in Kroll Bond Rating Agency".
- ^ 9 https://www.wsj.com/articles/jules-kroll-to-step-down-as-ceo-of-namesake-credit-rating-firm-1486676419
- ^ 10 https://www.esma.europa.eu/supervision/credit-rating-agencies/risk
- ^ "Credit rating agencies". FCA. January 7, 2019.
- ^ "NewRegister". register.fca.org.uk.
- ^ https://www.wsj.com/articles/parthenon-capital-to-buy-kroll-bond-rating-agency-in-900-million-deal-11639391402
- ^ Beltran, Luisa. "Parthenon Capital Scoops Up the Ratings Company KBRA for $900 Million". barrons.
- ^ "KBRA Analytics acquires BDC analytics pioneer Direct Lending Deals". Asset Securitization Report. September 14, 2022.
- ^ https://www.bloomberg.com/press-releases/2022-09-14/kbra-acquires-axes-data-extraction-framework-to-expand-its-fi-analytics-capabilities
- ^ "KBRA Financial Intelligence (KFI)". kbraanalytics.com.
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